I've been reading the usual roster of REI books, watched the many useful videos on YouTube and listened to the podcasts.

But - friend or not - you need a contract in place with deadlines for loan application, inspection and appraisal, etc. and some earnest money.

I am looking for information re screening applicants as it applies to the Fair Credit Reporting Act. 

@Cody Furman first of all let the residents know that there is a new sheriff in the town with a welcome letter and explain the everything you can in that letter and then deploy some cloud based software like Buildium to track your tenants and the rent and charge late fee and give them vacation notices on timely manner and evicted the bad ones and do not raise the rents until you are stabilized and do the screening to fill in vacancy otherwise you will be in big trouble if bring in bad ones.Charge application fee of at least $35 per couple and they will pay and use that for screening.

So much to watch out for, even as an experienced investor.

Sometimes, Don’t need to take action constantly, too much action may not be good either...Sometimes, do nothing is the best option...I’m in a similar situation, I’m watching the market closely but choose to “do nothing” at the moment.  

Those indicators that showed the crash last time are watched today.

I have started my own research as well looking here on bigger pockets reading some estimating rehab articles and watching some videos.

Go watch that movie with the kids.You will thank me and you will become rich and filthy.Wait..

You don't even need a judgment to do it and they both report to all three credit bureaus so you'll be warning other landlords about the problem tenant (at least the ones who bother to screen their applicants).